S&P: Tailored Brands to stable

S&P said it revised the outlook on Tailored Brands, Inc. to stable from negative and affirmed the B corporate credit rating.

The agency also affirmed the B+ issue-level rating on the company's term loan. The 2 recovery rating is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of default.

S&P also affirmed the CCC+ issue-level rating on the company's unsecured notes. The 6 recovery rating is unchanged, indicating an expectation for negligible (0% to 10%; rounded estimate: 0%) recovery in the event of default.

“The stable outlook reflects our view that credit metrics will modestly improve over the next 12 months as a result of continued improvement at Jos. A. Bank and moderate debt repayment, partially offset by softness at the legacy brands,” the agency said in a news release.

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